,167$//$7,21
l
)5$1d$,6
,QVWDOODWLRQ

(PSODFHPHQWGXWpOpYLVHXU

6XLYUHFHVUHFRPPDQGDWLRQVDYDQWGHGpWHUPLQHUO¶HPSODFHPHQW
GXWpOpYLVHXU
$77(17,211HSODFHU FH WpOpYLVHXU TXH VXU XQ
PHXEOHRXVXSSRUWUHFRPPDQGp SDUOHIDEULFDQWRX
YHQGXDYHFO¶DSSDUHLO'pSODFHUDYHFSUpFDXWLRQWRXW
VXSSRUW j URXOHWWHV SRUWDQW O¶DSSDUHLODILQ G¶pYLWHU
WRXWHEOHVVXUH TXH SRXUUDLW FDXVHU OHEDVFXOHPHQW
GXVXSSRUW HWRX GX WpOpYLVHXU3RXU OD SURWHFWLRQ GHV HQIDQWV
V¶DVVXUHUTXH OH WpOpYLVHXU HVW SODFp VXU XQ PHXEOH VWDEOH QH
SRXYDQWrWUHEDVFXOpSRXVVpRXWLUpHWHPSrFKDQWWRXWHQIDQWGH
PRQWHURX GH V¶DVVHRLU GHVVXV /D FKXWH G¶XQ WpOpYLVHXUSHXW
FDXVHUGHVEOHVVXUHVJUDYHVYRLUHODPRUW
&7(&7(8
$77(17,211¶XWLOLVHU TXH OH PHXEOH 7<(7 GH
3$1$621,& DYHF FH WpOpYLVHXU /¶XWLOLVDWLRQ G¶XQ DXWUH
PHXEOH RX FKDULRW SRXUUDLW FDXVHU XQH LQVWDELOLWp
VXVFHSWLEOHGHSURYRTXHUGHVEOHVVXUHV
&7(&7(8
$77(17,211¶XWLOLVHU TXH OH PHXEOH 7<(7 GH
3$1$621,& DYHF FH WpOpYLVHXU /¶XWLOLVDWLRQ G¶XQ DXWUH
PHXEOH RX FKDULRW SRXUUDLW FDXVHU XQH LQVWDELOLWp
VXVFHSWLEOHGHSURYRTXHUGHVEOHVVXUHV
&7(&7(8
$77(17,211¶XWLOLVHU TXH OH PHXEOH 7<(7 GH
3$1$621,& DYHF FH WpOpYLVHXU /¶XWLOLVDWLRQ G¶XQ DXWUH
PHXEOH RX FKDULRW SRXUUDLW FDXVHU XQH LQVWDELOLWp
VXVFHSWLEOHGHSURYRTXHUGHVEOHVVXUHV

%UDQFKHPHQWGHVRXUFHVDX[LOLDLUHV

/HVEUDQFKHPHQWVj G¶DXWUHVDSSDUHLOVGHYUDLHQW rWUHIDLWVDYHF
GHVFkEOHVDXGLRHWYLGpREOLQGpV3RXUGHPHLOOHXUVUpVXOWDWV

&RUGRQG¶DOLPHQWDWLRQ

3/$&(5/( &25'21'¶$/,0(17$7,21'$16 81(1'52,7
2Ô,/ 1(5,648( 3$6'¶Ç75(3,e7,1e &2,1&ee&5$6e
3/,e (7& )$,5(3$57,&8/,Ê5(0(17 $77(17,21 ¬ 6(6
(;75e0,7e6),&+(6(735,6(6&2035,6(6

&kEOHDQWHQQH

3RXU XQH ERQQH UpFHSWLRQ GHV FDQDX[ 9+)8+) OH
EUDQFKHPHQWj XQH D QWHQQH RX j OD FkEORGLVWULEXWLRQ HVW
QpFHVVDLUH
%UDQFKHPHQWjODFkEORGLVWULEXWLRQ
%UDQFKHU OH WpOpYLVHXU DX FkEOH GH OD
FRPSDJQLHGHFkEORGLVWULEXWLRQ
1RWD ,OSHXWrWUHQpFHVVDLUHG¶XWLOLVHUXQ
FkEORVpOHFWHXU SRXU DVVXUHU XQH
UpFHSWLRQGHTXDOLWpRSWLPDOH3RXU
GHV UHQVHLJQHPHQWV VXU OD
FRPSDWLELOLWp FRQVXOWHU OD
FRPSDJQLHGHFkEORGLVWULEXWLRQ
%UDQFKHPHQWjXQHDQWHQQH
3RXU XQH ERQQH UpFHSWLRQ GHV
FDQDX[9+)8+)OHEUDQFKHPHQW
j XQH DQWHQQH HVW QpFHVVDLUH
8QH DQWHQQH H[WpULHXUH GRQQHUD
GHPHLOOHXUVUpVXOWDWV
5(16(,*1(0(176,03257$176¬352326'(
/¶87,/,6$7,21'(-(8;9,'e2'¶25',1$7(856(7
'(6285&(6'¶,0$*(6),;(6
0,6((1 *$5'( /H PDUTXDJHRX OD UpPDQHQFH
GH O¶LPDJH FDXVp SDU O¶DIILFKDJH SURORQJp G¶XQH
LPDJHIL[HQ ¶HVWSDVOH UpVXOWDWG¶XQH GpIHFWXRVLWp
HWQ¶HVWGRQFSDVFRXYHUWSDUODJDUDQWLH
/H WpOpYLVHXU HVW FRQoX SRXU DIILFKHU GHV LPDJHV
DQLPpHV /¶DIILFKDJH SURORQJp G¶LPDJHV IL[HV WHOOHV
TXHGHV LPDJHV DX IRU PDW ³ERvWH DX[ OHWWUHV´ VXU XQ
pFUDQGHWpOpYLVLRQ RUGLQDLUHDYHF GHVEDQGHVQRL UHV
GDQVOHKDXWHWOHEDVGHVLPDJHVDXIRUPDWRUGLQDLUH
 QRQ UHFDGUpHV VXU XQ JUDQG pFUDQ DYHF GHV
EDQGHVVXU FKDTXH  F{Wp GHV EDQGHV GH GpILOHPHQW
GDQV OH EDV GH O¶pFUDQ GHV PRWLIV SHUPDQHQWV GH
FHUWDLQVMHX[ YLGpR GHV SDQQHDX[ GH SRLQWDJH IL[HV
GHVORJRV GHFDQDX[ XOWUD OXPLQHX[HW GHVPRWLIV HQ
OLJQH,QWHUQHW  RX UpSpWLWLIV G¶RUGLQDWHXUV GHYUDLW rWUH
OLPLWp
/¶DIILFKDJHSURORQJpG¶LPDJHVIL[HVS HXWHQGRPPDJHU
LUUpPpGLDEOHPHQWOH WXEH LPDJHGRPPDJH TXLSU HQG
ODIRUPH G¶XQH LPD JH IDQW{PH 3RXU SUpYHQLU GH WHOV
GRPPDJHV LO HVW UHFRPPDQGp GH SUHQGUH OHV
PHVXUHVVXLYDQWHV
 1HSDVDIILFKHUXQHLPDJHIL[HSHQGDQW XQHSpULRGH
SURORQJpH
$SUqV XVDJH WRXMRXUV FRXSHU OHFRQWDFW VXU OH
WpOpYLVHXU
0458 F prod doc4.fm Page 3 Monday, May 19, 2003 10:55 AM